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that's why moody and s&p threatened the downgrade. not because of the default. we have revenue to service our debt. it is about the enormous amount of debt we have. we need to deal with that. >> how do you respond to the attacks that you have been dealing with throughoutt the week that even people in the gop, members who are critical about the tea party. how are you responding to the charges >> >> the american people spoke loudd and clearr. they are tired of washington politics and out of the control spending. that's what the movement is about fiscal responsibility . they want to reign in outof control spending . the people spoke loud and clear. we are here to hold washington's feet to the fire. we cannot spend this way. it is not sustainable. >> i know you are taking a lot of heat. >> thank you very having me. >> the house went in resess. but we are not taking our eyes off of the debt debate. we would like to get some in the mix. rick is life in the ohio state fair with one of the top height lightts from highlights. >> and we have kids learning to fish and a sp
that's why moody and s&p threatened the downgrade. not because of the default. we have revenue to service our debt. it is about the enormous amount of debt we have. we need to deal with that. >> how do you respond to the attacks that you have been dealing with throughoutt the week that even people in the gop, members who are critical about the tea party. how are you responding to the charges >> >> the american people spoke loudd and clearr. they are tired of washington...
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. >> greta: the threat of moody's and s and p they're going to down grade our rating. right? i don't get it. these are the people who got us into the mess with their rating in the mid 2006, p, 8. why do they have so much po pou -- power? >> that means interest rates goring to go up. a specific amount of money we're going to have not to spend on things. >> greta: what i don't understand is that they, who have failed us so drastically, now, that is a huge contributing factor to the state of the economy why are we now in a position, put the foot on our throat and down grade our credit rate chg will have a huge ramification? like, why are we hostage to these two occasions and organizations? >> because there is a debt of $14 trillion and need to keep borrowing $4 billion per day because we're not responsible in how we spend our money. people don't think they're getting value for money. taxpayers think they're getting ripped off. they don't like it. and look at italy. in two days interest rates there went up a full point. and interest rates go up a percentage point we're $14 trilli
. >> greta: the threat of moody's and s and p they're going to down grade our rating. right? i don't get it. these are the people who got us into the mess with their rating in the mid 2006, p, 8. why do they have so much po pou -- power? >> that means interest rates goring to go up. a specific amount of money we're going to have not to spend on things. >> greta: what i don't understand is that they, who have failed us so drastically, now, that is a huge contributing factor to...
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and s&p are asking us to do so this is not a partisan bill. >>neil: but it is weird whoever arranged the meeting with the s&p folks, what they will say is we risk financial armageddon if we default, and the aaa credit rating goes away, association obviously, i would assume it was meant to scare republican members who were there. >>guest: i don't think so. if you read the statements we have from moody and standard & poor it says if we raise the debt element without credible, significant long term deficit reduction, they are going do lower our bond rating so they are not after us just raising the debt limit they know we have to do this. >>neil: all right. putting meat behind it. you have been a critic as you have written in your book, about this sort of facade. when we constantly raise the debt ceiling. we are in this jam because we keep doing this. you go back through administrations, democrat and republican, 17 or 18 times, through the reagan administration alone, to what end? the debt keeps piling up, regardless, and i wonder ... what we solv
and s&p are asking us to do so this is not a partisan bill. >>neil: but it is weird whoever arranged the meeting with the s&p folks, what they will say is we risk financial armageddon if we default, and the aaa credit rating goes away, association obviously, i would assume it was meant to scare republican members who were there. >>guest: i don't think so. if you read the statements we have from moody and standard & poor it says if we raise the debt element without...
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moody's and s&p showed this as their intention. interestingly, it is a political judgment as opposed to a financial estimate of whether in fact the government can pay back its debt. nobody thinks there is going to be a tall. these agencies are saying there has been no political will shown they want a long term solution for structural chronic deficits. even if we get a debt ceiling increase whatever form, unless you have that big multi-trillion dollar long term deficit cutting plan and it had teeth i think there's a good chance we get a downgrade. >> shepard: nobody has82 tackled entitlements. >> mostly about statements of intent on both sides. these programs will be curtailed x amount, nothing on paper. >> shepard: i intend to go to the gym, but it is probably not going to happen. and it is also about getting leverage over the other side and the 2012 election. what happens if they >> you around and we do default? does that mean that interest rates go up on everything? that borrowing money is more difficult? the economy grinds to a
moody's and s&p showed this as their intention. interestingly, it is a political judgment as opposed to a financial estimate of whether in fact the government can pay back its debt. nobody thinks there is going to be a tall. these agencies are saying there has been no political will shown they want a long term solution for structural chronic deficits. even if we get a debt ceiling increase whatever form, unless you have that big multi-trillion dollar long term deficit cutting plan and it...
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. >> greta: the last week i've been reading about s&p and moody's talking about devaluing, changing the rate. they've been up on capitol hill. these are the same people who gave such high rating to those toxic cdo's that buried us un. what in the world are we doing listening to them. why do we let them on capitol hill to give advice and information to our politicians? >> well, because whether you like it or not there's a lot of investment advisers who have to, under their by laws in some -- bylaws in some in their state have to listen and get ratings from these agencies. >> greta: they've been so off the mark. they are a huge part of our problems. that's who the members of congress are listening to. those are the ones who are threatening us and our economy in the world market. >> yeah. there's a lot of effort underway in washington since the financial crisis since they screwed up and gave these great aaa ratings to subprime global economyb&÷ there's been a lot of movement trying to restrict them to limit their power and ability. to try to get advisers and others to do their own researc
. >> greta: the last week i've been reading about s&p and moody's talking about devaluing, changing the rate. they've been up on capitol hill. these are the same people who gave such high rating to those toxic cdo's that buried us un. what in the world are we doing listening to them. why do we let them on capitol hill to give advice and information to our politicians? >> well, because whether you like it or not there's a lot of investment advisers who have to, under their by...
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s&p. it sounds like they are going to downgrade and let's say s&p lowers us to a double a . that is a split rating? i covered the bond market all of the time and institutions go with a higher rating. i will say this, neal and your last guest hit the nail on the head. we have a chance right now to do some good things and cut the budget. this august 2nd deadline. >> we are going to be up against the deadline. >> it may not mean anything. we are not going to default. people are going to get their social security checks. >> i am sorry we are having serious audio. and we remind you we are back on sunday with special coverage especially your world. we want to follow this. and that is near term. continuing to watch. you have arrived. sweet belt. e-reader for textbooks. gps. video camera for lectures. game pad. have you considered this ? it's got all tha and more than 200,000 apps. technology to learn and play on-the-go. only at verizon. android powered. playstation certified. the xperia play by sony ericsson. only $99.99. not that long ago, many families werericed out of an overhea
s&p. it sounds like they are going to downgrade and let's say s&p lowers us to a double a . that is a split rating? i covered the bond market all of the time and institutions go with a higher rating. i will say this, neal and your last guest hit the nail on the head. we have a chance right now to do some good things and cut the budget. this august 2nd deadline. >> we are going to be up against the deadline. >> it may not mean anything. we are not going to default. people are...
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. >> s&p and moody's have said that they want to see a long- term reduction in the trajectory of the jet -- debt to gdp ratio. in this plan, that does not get to entitlements? . >> there seems to have been acceptance all over in this capital with my idea to have a joint committee. i understand it will be in the proposal that john boehner will send over. it is a good proposal where everyone is aware -- everyone should be aware that the only way to reach those numbers is with revenues. that is what every time we talk, we talk about the need to do something with revenue. everyone knows that the president has said and we have said that we will not touch entitlements until there is some movement on revenues. that means taxes. people are shipping jobs overseas and that means these oil companies are getting massive subsidies and still making billions of dollars. it means millionaires and billionaires may not be able to get the same tax cuts they have gotten during the bush administration. moody's is right. we need long-term. we're talking but getting this country out of the threat of defaul
. >> s&p and moody's have said that they want to see a long- term reduction in the trajectory of the jet -- debt to gdp ratio. in this plan, that does not get to entitlements? . >> there seems to have been acceptance all over in this capital with my idea to have a joint committee. i understand it will be in the proposal that john boehner will send over. it is a good proposal where everyone is aware -- everyone should be aware that the only way to reach those numbers is with...
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there's intense opposition among -- >> neil: if you are a ratings agency s&p and moody's, is this going to be any more calming or is it going to have you pull the trigger and downgrade now? >> i think when you have a plan. at least the idea of a couple of concrete plans the harry reid plan, the boehner plan in the house that might calm people down that is a question that some have been asking. the republican freshman from michigan raised that point. he said what if we have a plan, we pass something and get downgraded any way? that was something we heard last week from the rating agencies people. huizenga says we don't want the good to be the enemy of the perfect. or the perfect to be the enemy of the god. the question is, is this good enough? further s in good enough for the ratings agencies. >> neil: thank you. meanwhile, to a tea party congressman on what he will and will not accept. with me louisiana congressman jeff landry. congressman, you heard what the speaker outlined as a way to get in ball moved forward. are you onboard? >> well, i'm certainly not onboard yet. two things, one
there's intense opposition among -- >> neil: if you are a ratings agency s&p and moody's, is this going to be any more calming or is it going to have you pull the trigger and downgrade now? >> i think when you have a plan. at least the idea of a couple of concrete plans the harry reid plan, the boehner plan in the house that might calm people down that is a question that some have been asking. the republican freshman from michigan raised that point. he said what if we have a...
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didn't moody's say that it would not downgrade from triple-a but we haven't heard from s&p and why would there be that disparity? >> well, moody's didn't say outright that it would not ongrade. it sort of set the parameters here saying you know what would be real serious spending restraint, you know $4 trillion over ten years is sort of like that benchmark as i alluded. now, you are quite right, they have been very, very cautious in saying what they would do in the event we don't get that figure. they have made it very clear, s&p and other agency that gets a little less fanfare fitch investors that $4 trillion is a figure you hear a great deal. even lost in that thought and i find this interesting, greg, is the details and layout of those spending cuts. if they are more outer term year cuts the markets might scratch their head as are many here, many republicans in particular and saying wait a minute, we agreed to something where the onerous cuts are coming in the future years, obligating future presidents and congress to do what this president and this congress might not do up front. the
didn't moody's say that it would not downgrade from triple-a but we haven't heard from s&p and why would there be that disparity? >> well, moody's didn't say outright that it would not ongrade. it sort of set the parameters here saying you know what would be real serious spending restraint, you know $4 trillion over ten years is sort of like that benchmark as i alluded. now, you are quite right, they have been very, very cautious in saying what they would do in the event we don't get...
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. >> greta: the last week i've been reading about s&p and moody's talking about devaluing, changing the rate. they've been up on capitol hill. these are the same people who gave such high rating to those toxic cdo's that buried us un. what in the world are we doing listening to them. why do we let them on capitol hill to give advice and information to our politicians? >> well, because whether you like it or not there's a lot of investment advisers who have to, under their by laws in some -- bylaws in some in their state have to listen and get ratings from these agencies. >> greta: they've been so off the mark. they are a huge part of our problems. that's who the members of congress are listening to. those are the ones who are threatening us and our economy in the world market. >> yeah. there's a lot of effort underway in washington since the financial crisis since they screwed up and gave these great aaa ratings to subprime ;jrt the global economyb&÷ there's been a lot of movement trying to restrict them to limit their power and ability. to try to get advisers and others to do their ow
. >> greta: the last week i've been reading about s&p and moody's talking about devaluing, changing the rate. they've been up on capitol hill. these are the same people who gave such high rating to those toxic cdo's that buried us un. what in the world are we doing listening to them. why do we let them on capitol hill to give advice and information to our politicians? >> well, because whether you like it or not there's a lot of investment advisers who have to, under their by...
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. >> sean: s&p said we are going to be downgraded. we've been downgraded by another less known agency. moody's has said it is going to happen this is all on the president's watch. they are saying this may be a depression. the president goes out, we have to live within our means we have four trillion of obama debt. we need to make tough choices. he has spent like a drunken sailor on steroids. he says we need a bipartisan approach. he has done nothing but reject partisanship, including the speech last night. >> the notion of financial meltdown in the world is fine to discuss. but there has to be a con come set of actions. you can't abdicate your authority as president and throw it out to the masses and say we need public pressure to foster solution. he needs to say this is my solution, let's debate in. you republicans are debating i have a solution that i think is going to satisfy everyone. you a all not like it, but i'm stepping out with it. so to engage in fear-mongering and to make people afraid, and people are afraid when they hear
. >> sean: s&p said we are going to be downgraded. we've been downgraded by another less known agency. moody's has said it is going to happen this is all on the president's watch. they are saying this may be a depression. the president goes out, we have to live within our means we have four trillion of obama debt. we need to make tough choices. he has spent like a drunken sailor on steroids. he says we need a bipartisan approach. he has done nothing but reject partisanship, including...
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moody's is among the rating agencies, and the s&p, the big ones, and they will decide whether the theater that is going on he warrants continuing the aaa rating this country has enjoyed for the better part of the last century. in the middle of this hot debate, any time, for this kind of debate. >> if you ask me, the real crisis we have in this country is a jobs crisis because if people were working--. >>neil: fine, but 800 days without a budget . >>guest: we are having a conversation. >>neil: fine if you are offer fended i apologize, congresswoman, we are in a disaster here and you are more offended by how i refer to you. that's the problem. okay, i learned my lesson and i will never refer to a female congresswoman or senator as "maim," i will never hold the door open for a woman. i will never, ever ... in fact, i'll never be chivalous. in fact i will continue to be a jerk. and now a guy looking for a middle ground, a blue dog, the cal ripken of congress, in general, congressman, you have never missed a vote. >>guest: that is right out of 4,200 straight votes. >>neil: good for you. the bi
moody's is among the rating agencies, and the s&p, the big ones, and they will decide whether the theater that is going on he warrants continuing the aaa rating this country has enjoyed for the better part of the last century. in the middle of this hot debate, any time, for this kind of debate. >> if you ask me, the real crisis we have in this country is a jobs crisis because if people were working--. >>neil: fine, but 800 days without a budget . >>guest: we are having a...
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these are the same people the s&p and moodies who said that the cdos, packaged and bundled together the terrible mortgages. >> the rating agencies let the country down and didn't rate the credit defaults. >> they pushed us down. >> they will downgrade and interest rates will go up for every american. it will cost more to borrow money and when it p costs more to borrow money for the american government the american people suffer. in 1995 we came close to changing the country. the problem i had in 1995 is that we folded because of the ads being run about somebody couldn't go to the signaturian. stephanopoulos' book said if we would have went one more day. we have not yet had the fight to take our democratic friends to task and hold them accountable for lack of a plan and for saying one thing and doing another when it comes to balanced budget amendment. i'm a reasonable guy but this behind the door nec negotiatios that you talked about has frustrated people like me. i want it take it to the streets and have a chance to get the american people involved. let's have a temporary debt ceiling i
these are the same people the s&p and moodies who said that the cdos, packaged and bundled together the terrible mortgages. >> the rating agencies let the country down and didn't rate the credit defaults. >> they pushed us down. >> they will downgrade and interest rates will go up for every american. it will cost more to borrow money and when it p costs more to borrow money for the american government the american people suffer. in 1995 we came close to changing the...
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and s&p have said we have to do or they will lower our credit rating. >> what is in that? be specific about what that would do. >> well, it does the three things that we have to do. we cut spending significantly but reasonably in this budget year, we cap spending over the next ten years to bring us towards a balance, but probably most importantly, and to have any kind of permanent reform, we send to the states a constitutional amendment that would force congress to balance the budget. let's let the states and the american people decide. it wouldn't happen until about ten years out, but it gives us time to fix our tax code, to fix social security and medicare, and that's what we have to do. >> senator durbin, there aren't votes for what senator demint is talking about. that's just a legislative reality. however, the president made the point, look, we don't need a constitutional amendment to balance the budget, for us to do our job. but is he wrong? maybe you do need something to force you guys to do your job because it's not being done now. >> let me tell you about the cons
and s&p have said we have to do or they will lower our credit rating. >> what is in that? be specific about what that would do. >> well, it does the three things that we have to do. we cut spending significantly but reasonably in this budget year, we cap spending over the next ten years to bring us towards a balance, but probably most importantly, and to have any kind of permanent reform, we send to the states a constitutional amendment that would force congress to balance the...
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and the s & p and other ratings agencies, they've all talked about this 4 trillion dollar figure, kelly, as sort of a magic elic elixir, and you might stave off the reaper, i'm paraphrasing. i want to put that number in perspective. we spend as a country. 3.7 trillion dollars. we take in 2.4 trillion dollars, in tax revenue. so, we are spending 1.3 trillion more, just this year, than we take in. so, when we're talking about shaving the debt by 4 trillion dollars over the next ten years, keep in mind, we will normally pile up government spending year in, year out, 40 trillion dollars or thereabouts, right? so, that's a rounding error. what's troubling about both sides they're talking about, this is extended, as i said, over decades. the real pain upfront is actually quite minimal. 38 billion by one read. 66 billion by another read. the upfront cuts are not there and nor obligation on the part of future presidents, if not congresses to agree to them. yes, you can make pie in the sky promises going many, many years old. i could tell you, kelly that, you know, ten years out i'm going to be
and the s & p and other ratings agencies, they've all talked about this 4 trillion dollar figure, kelly, as sort of a magic elic elixir, and you might stave off the reaper, i'm paraphrasing. i want to put that number in perspective. we spend as a country. 3.7 trillion dollars. we take in 2.4 trillion dollars, in tax revenue. so, we are spending 1.3 trillion more, just this year, than we take in. so, when we're talking about shaving the debt by 4 trillion dollars over the next ten years,...
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. >> and what s&p and moody's and fitch are waiting for, waiting for the senate we're 23409 going to behave like the politicians. that we're going to make the grown-up choice. even if that means somebody like 3450 me, i'm not run, but if i was running it would cost me a seat. isn't that bet for the country? do what is necessary to fix the country. >> when you look at the, our acute issue, unemployment and ng market, that resulted from the financial crisis, collapse in revenue. you look where that revenue came from. the trade and banking reforms of the clinton era, ruben nomices that unleashed a pile of funny money spent enjoyably by all sorts of politicians on war, medicare part b, all sorts of things and then we watched barack obama come in, instead of reforming up the ante on both prior policies. how are we to inspire the confidence of people in our leadership if we can't acknowledge how we got into this situation in the first place with the collapse of the -- the financial collapse and unemployment, which really is at the core of our acute suffering right now? >> i think we contra
. >> and what s&p and moody's and fitch are waiting for, waiting for the senate we're 23409 going to behave like the politicians. that we're going to make the grown-up choice. even if that means somebody like 3450 me, i'm not run, but if i was running it would cost me a seat. isn't that bet for the country? do what is necessary to fix the country. >> when you look at the, our acute issue, unemployment and ng market, that resulted from the financial crisis, collapse in revenue....
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. >> sean: moody's is saying it going to downgrade any way. s&p saying within maybe 90 days. >> cap -- >> cut, cap and balance doesn't go as far as the ryan budget went. the ryan budget was voted on unanimously by the house republicans. i do think that this debate is a good one to have. what i don't see is the 2012 candidates coming forward on the republican side and saying, taking any leadership position. they are all taking a pass. >> sean: most have signed on to -- >> nobody is doing what -- what would you do in order to create jobs? >> sean: the answer is what -- one second here. every republican keeps saying, they want to be reagan. this is their moment to lead. >> didn't you see the ad the democrats ran today with the radio address from the reagan era in which he talks about the -- >> i realize it different and all relative -- [ talking over each other ] >> republican senator tom coburn told me this afternoon that the gang of six plan cuts personal income tax rates and cuts corporate tax rates. and shaves 3.7 trillion off the accumulated
. >> sean: moody's is saying it going to downgrade any way. s&p saying within maybe 90 days. >> cap -- >> cut, cap and balance doesn't go as far as the ryan budget went. the ryan budget was voted on unanimously by the house republicans. i do think that this debate is a good one to have. what i don't see is the 2012 candidates coming forward on the republican side and saying, taking any leadership position. they are all taking a pass. >> sean: most have signed on to...
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we get the downgrade which is coming anyway from s&p and moody's and they say the republicans put us in this position. in essence aren't you in a box either way? >> we certainly are and again, i don't get to sit at the leadership table. i was grateful last week when leader boehner, speaker boehner said we are bringing this back down to the capitol, we pass the legislation and the president decides what he wants to sign. regular order is your friend in this situation. this debate should have always been at the capitol, always been at the committee rooms and been on the floor of the house for people to see. behind closed doors is no way to run this process. >> sean: when you guys in the house passed the right bill, >> sean: when you guys in the house passed the right bill, cut, cap and balance and we had competing bills in the senate i thought it cut the legs out for what could have been better for the country. so you going to vote no on the bill, am i assuming like everybody else here the reason the bill has been postponed is that the speaker is shy a number of votes here? >> that wou
we get the downgrade which is coming anyway from s&p and moody's and they say the republicans put us in this position. in essence aren't you in a box either way? >> we certainly are and again, i don't get to sit at the leadership table. i was grateful last week when leader boehner, speaker boehner said we are bringing this back down to the capitol, we pass the legislation and the president decides what he wants to sign. regular order is your friend in this situation. this debate...
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gellar, is there information to which moody's and s&p have information -- access to that your firm cannot access? >> a significant amount, actually. in addition, there is a lot of information that they have that ratingso's with bond cannot access. i think it is 17g5 that is the rule that created last year or late 2009 a late ability for products or data that is being used for a paid for rating to be shared n and accessed by shared nrso for an unsolicited rating. we do not have any access to that. what kroll would not necessarily have is access to things like the underlying data that goes into collateralized loan obligation, security. very, very close. they are not covered in the accept -- asset-backed securities, and the sec does not a purview over the loans themselves, the underlying collateral, for those types of securities. there is a whole world of information that none of us have access to that really would open up the space to competition note, as well as providing the investor community information that they directly could use if that information was available to them. >> mr. kroll
gellar, is there information to which moody's and s&p have information -- access to that your firm cannot access? >> a significant amount, actually. in addition, there is a lot of information that they have that ratingso's with bond cannot access. i think it is 17g5 that is the rule that created last year or late 2009 a late ability for products or data that is being used for a paid for rating to be shared n and accessed by shared nrso for an unsolicited rating. we do not have any...
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the market expressing concern rating agencies like s&p and moody's will downgrade america's credit rating. that fear driving another nominal record high, gold. gold up 8% this month. and there were pockets of strength in stocks particularly the tech secretary perp apple clutching $400 a share for the first time and hewlett-packard winning a $1.1 billion i.t. contract with the department of justice. finally two were reports out after the closing bell. netflix shares tumbling after missing on techs and that is it from cnbc, first in business world wooi worldwide. now back to "hardball." >>> welcome back to "hardball." as we inch closer to the iowa straw poll disaugust -- coming up. august 13th, i believe. the republican presidential field is as long as ever but no loesser to generating enthusiasm seen in elections past. how is the gop not found a compelling candidate for all of thoseç donors and they're base out there? michael steele, former chair of the republican committee and now an msnbc political analyst and well received. and working out of the center nor american progress, thank yo
the market expressing concern rating agencies like s&p and moody's will downgrade america's credit rating. that fear driving another nominal record high, gold. gold up 8% this month. and there were pockets of strength in stocks particularly the tech secretary perp apple clutching $400 a share for the first time and hewlett-packard winning a $1.1 billion i.t. contract with the department of justice. finally two were reports out after the closing bell. netflix shares tumbling after missing on...
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both s&p and moody's last week gave us dire warnings they might downgrade america's debt rating even if we get past the default crisis of the next 12 days if we don't deal with our deficit. i think that we need to embrace the kind of structure the gang of six has put together to make some very tough choices in the year ahead. >> does it concern you that the only people that seem to be negotiating with the president right now are members of leadership? i ask this because i want to play something senator mark kirk, republican from illinois, said to me yesterday. >> most of the groups, for example, under vice president biden, et cetera, were run by the loyal partisans of both parties, and that is a recipe for long-term failure. >> where do the non-members of leadership, which of course if you're in leadership, you're partisan. your job is to either stay in the majority or get the majority. that's why you get elected by your peers. but is that -- is senator kirk right? that's a recipe for long-term failure? >> i think the only way forward is for us to begin at the center and work our way
both s&p and moody's last week gave us dire warnings they might downgrade america's debt rating even if we get past the default crisis of the next 12 days if we don't deal with our deficit. i think that we need to embrace the kind of structure the gang of six has put together to make some very tough choices in the year ahead. >> does it concern you that the only people that seem to be negotiating with the president right now are members of leadership? i ask this because i want to play...
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>> you know, basically, s & p and moody's are saying yes. yes. they're saying none of these short-term tricks that would get you over the finish line in the long term are going to help with your credit rating. if you don't pay your bill on time, bottom line like anybody at home, it will damage your credit in the future and there's really no way around it. you guys need to get serious and make a deal. that was the message. >> let me turn topics here a little bit. we got into this mess in part because of subprime loans to people who could not afford them. the "wall street journal" is reporting that a number of private investment firms again are writing loans for subprime borrowers. how does that make any sense? >> let me try and defend this one. we all know someone who technically, they have gone out to buy a house and technically they can afford it. they look at the payments and they are ready and willing to make the payments. but the bank won't qualify them for one reason or another. the companies that are making these loans are saying that in a
>> you know, basically, s & p and moody's are saying yes. yes. they're saying none of these short-term tricks that would get you over the finish line in the long term are going to help with your credit rating. if you don't pay your bill on time, bottom line like anybody at home, it will damage your credit in the future and there's really no way around it. you guys need to get serious and make a deal. that was the message. >> let me turn topics here a little bit. we got into this...
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gellert, is there information to which moody's and s&p have access to that year from cannot access the? >> a significant amount actually. and in addition, there's a lot of information that they have that didn't nrsros like kroll bond rating's can't access. i think it's 17 j-5 that is the rule that created last year and ability for structure products for data that is being used by a paid for rating to be shared and accessed by another nrsro for unsolicited rating. as a non-nrsro we don't have any access to that. as a nrsro what role would not necessarily have is access to things like the underlying data that goes into a collateralized loan obligation. security. clo's are very, very close. they are not covered in asset-backed secure these that i really covered under 17 g5. the sec doesn't have purview over the loans themselves, the underlying collateral for those types of securities. there's a whole world of information that none of us have access to, that really would open up the space to competition as well as providing the investor community information that they directly could use if
gellert, is there information to which moody's and s&p have access to that year from cannot access the? >> a significant amount actually. and in addition, there's a lot of information that they have that didn't nrsros like kroll bond rating's can't access. i think it's 17 j-5 that is the rule that created last year and ability for structure products for data that is being used by a paid for rating to be shared and accessed by another nrsro for unsolicited rating. as a non-nrsro we...
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the markets, the moody's and s & p raiding -- rating agencies will judge us by how serious we are trying to get our fiscal house in order. i think the judgment will be negative whether we raise the debt ceiling or not. alisyn: we need to tell you about a fox extreme weather alert. tropical storm don is barreling towards texas. it's expected to hit the coast tonight or overnights. but it's not expected to become a hurricane. right now don is about 145 miles zell of corpus christi, sustaining 50-mile-per-hour winds. those winds should only strengthen slightly before reaching lands. this will be the first named storm to hit texas this year. people there are dealing with a severe drought so the rain is not expected to be enough to break that drought. disturbing details emerge on a growing trend along our southern bored and it dem rates the tough fight in america's third war. the smuggling of hard-core drugs going that an alarming rate. more heroin, cocaine and meth flowing into communities all across the u.s. adam housley is live near the border in san diego, california. what more do we know
the markets, the moody's and s & p raiding -- rating agencies will judge us by how serious we are trying to get our fiscal house in order. i think the judgment will be negative whether we raise the debt ceiling or not. alisyn: we need to tell you about a fox extreme weather alert. tropical storm don is barreling towards texas. it's expected to hit the coast tonight or overnights. but it's not expected to become a hurricane. right now don is about 145 miles zell of corpus christi, sustaining...
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s&p and moodies, the big credit rating agencies they have our future in our hands if they downgrade and that could happen any time. it could happen well before august 2. a default, i hope against hope we don't go there. >> we appreciate it as always. thank you so much. >> thank you. >> and that is it for us tonight. we will be continuing to track what happens on capitol hill with this all important vote and also remember check out bill o'reilly .com. a big sale going on. only a few of the navy seal shirts left. become a premium member and get one for free. all the money he get there's goes to charity, all of this. follow me on facebook. pick up a copy of my new book. it is a "new york times" best seller, must kill them at the "new york times." thanks again for watching us
s&p and moodies, the big credit rating agencies they have our future in our hands if they downgrade and that could happen any time. it could happen well before august 2. a default, i hope against hope we don't go there. >> we appreciate it as always. thank you so much. >> thank you. >> and that is it for us tonight. we will be continuing to track what happens on capitol hill with this all important vote and also remember check out bill o'reilly .com. a big sale going on....
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he will not protect us from a credit downgrade, because you've got to assume that s&p and moody's will look at that as washington being fundamentally broken. >> guys, can we go ahead and put up the board so we can see what action is going on. we've been watching melissa, the back and forth, red and green, consistently all red earlier, and now we're seeing where we are with the dow jones, down by 32. s&p almost there right in the center, nasdaq up by five. we were watching this morning, dow jones was down over 100 points. do you think in washington there is the backroom consensus that people would like to get this type of black mark on obama's presidency? >> maybe. but what this really is the moment when statesmanship should be overwhelming partisanship. i know it feels like that can't possibly, you know, happen, but i still really believe, and this is a nutty thing for me to say, but, look, i really still believe that the leaders of the republican party, i really do think that neither boehner or mcconnell nor mccain apparently, none of them want to see it happen in this way. they certa
he will not protect us from a credit downgrade, because you've got to assume that s&p and moody's will look at that as washington being fundamentally broken. >> guys, can we go ahead and put up the board so we can see what action is going on. we've been watching melissa, the back and forth, red and green, consistently all red earlier, and now we're seeing where we are with the dow jones, down by 32. s&p almost there right in the center, nasdaq up by five. we were watching this...
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s&p and moody's have come out and warned that could be a problem. what they really want to see is a credible plan to cut the deficit down the road. after all, if you go out there and you max out your credit card is the answer to call visa and ask them to raise the limit? that doesn't solve you the problem. that's what traders keep saying and that's what bondholders are worried about. >> good to see you today. appreciate that. let's take another look at the stocks again, if we can. already on the day down 100 and now 124 points on the day. we dropped another ten points since we started talking to melissa francis. it looks like this is starting to have an impact on wall street. the trickle down effect to main street where you're going to see students questioning how much their college loan payments might go up if you see interest rates rise. a georgia mom who was convicted in the jaywalking death of her young son won't go to prison for now. last week a jury convicted raquel nelson of reckless conduct, improperly crossing a roadway and second degree ve
s&p and moody's have come out and warned that could be a problem. what they really want to see is a credible plan to cut the deficit down the road. after all, if you go out there and you max out your credit card is the answer to call visa and ask them to raise the limit? that doesn't solve you the problem. that's what traders keep saying and that's what bondholders are worried about. >> good to see you today. appreciate that. let's take another look at the stocks again, if we can....
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and moody's who do the rating don't like either of these bills because they don't cut enough. so chances are. the credit ralgt is going to be slashed no matter what happens now. >> you are absolutely right. the experts out there are predicting right now the probability is 50% that we're going to see some sort of downgrade on our pristine debt rating if and when that does happen, expect a swift and immediate reaction. you are not going to be able to go grab a cup of coffee before we see any move in the market. expect a drop in stocks. expect a drop in bonds. on the flip side. we're going to see interest rates rise. that means everything from the cost of your mortgage to maybe even your credit card bills could go up. also, going up, the price of oil as well as gold. basically the value of the portfolio is going to do down but the cost for you live in your house or car going to go up. either scenario. >> shepard: shibani joshi, thank you. lawmakers in the house still trying to bide some time to round up the votes on the boehner debt limit bill. we are keeping extremely close eye
and moody's who do the rating don't like either of these bills because they don't cut enough. so chances are. the credit ralgt is going to be slashed no matter what happens now. >> you are absolutely right. the experts out there are predicting right now the probability is 50% that we're going to see some sort of downgrade on our pristine debt rating if and when that does happen, expect a swift and immediate reaction. you are not going to be able to go grab a cup of coffee before we see...
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. >> one of the things the s&p and moody's have said is they want to see a long-term reduction in the debt to gdp ratio. but in this plan with the discretionary cuts, entitlements are a long-term driver. >> that has been accepted all over in this capital, my idea to have a joint committee. it is my understanding is going to be on the proposal boehner is going to send over to us. everyone is aware -- i should say everyone should be aware that the only way to reach those numbers is with revenue. that is why every time we talk with talk about the need to do something with revenue. the president has said and we have said we will not touch entitlements until there is some movement on revenues. what does that mean? it means taxes. people are shipping jobs overseas. oil companies are getting subsidies and making billions of dollars. billionaires' and millionaires may not be able to get the same tax cut they have gotten during the bush a administration. that is what we are talking about. moody's is right in the long term. what we are talking about is getting this country off the presses of a
. >> one of the things the s&p and moody's have said is they want to see a long-term reduction in the debt to gdp ratio. but in this plan with the discretionary cuts, entitlements are a long-term driver. >> that has been accepted all over in this capital, my idea to have a joint committee. it is my understanding is going to be on the proposal boehner is going to send over to us. everyone is aware -- i should say everyone should be aware that the only way to reach those numbers...
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and s&p are looking at, we're going to be looking at this any anyway, because we're going to get up over that just on interest payments alone. so doesn't that in and of itself mean that it is time to do some structural underpinning that might be benefited by a shorter term deal that allows us to get through this hump and revisit very soon? >> with well, senator reid's plan and outside economists have said this would get us through to 2013, and that's the criteria the president's looking for. he's open to compromise. we've already gone halfway or more than halfway to the republicans in congress. we don't want the uncertainty hanging over the economy, hanging over american businesses, and that's why we need it to go through the next year and a half. martha: all right. we'll be watching very closely, and we thank you very much. >> thanks, martha. have a great day. martha: good to see you, thank you. all right, just to recap where all this stands, we're waiting for that news conference with the house gop leadership that's set to get under way about 20 minutes from now, and we should als
and s&p are looking at, we're going to be looking at this any anyway, because we're going to get up over that just on interest payments alone. so doesn't that in and of itself mean that it is time to do some structural underpinning that might be benefited by a shorter term deal that allows us to get through this hump and revisit very soon? >> with well, senator reid's plan and outside economists have said this would get us through to 2013, and that's the criteria the president's...
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p, moody's fitch, they look at the totality of debt, what the country is doing about it, the monetary policy, the taxation policy, the economic agenda. and they determine, is there a credible plan and a realistic plan to bring down the debt and stabilize the finances. if they believe that that isn't the case, then again the aaa goes. one of the reasons, wolf, britain has embarked on this draconian austerity, they believed the market was going to blow up uk bonds. it was warned it was on a negative. the u.s. has been warned it's on a negative watch. and it hasn't managed to put together this deal yet to actually avoid default. so you've got to ask yourself, maybe the rating agencies are doing their job in actually warning that something is smelly under the hood. >> richard, how does the rest of the world see what's happening in the united states right now. you're in london. >> which word would you like many eto use? flabber gasterred, bewildered, horrified, alarmed, concerned? any one of them will do. what people are saying at the very top level, and they will not say it publicly yet,
p, moody's fitch, they look at the totality of debt, what the country is doing about it, the monetary policy, the taxation policy, the economic agenda. and they determine, is there a credible plan and a realistic plan to bring down the debt and stabilize the finances. if they believe that that isn't the case, then again the aaa goes. one of the reasons, wolf, britain has embarked on this draconian austerity, they believed the market was going to blow up uk bonds. it was warned it was on a...
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i think that is what s&p, moody's, and fitch are expressing concern about. they are saying, "you probably are not going to default. you're talking about some austerity measures, but you are sort of looking at the wrong areas." also, the magnitude of the cuts are at least not what s&p said they were looking for. s&p said they wanted $4 trillion of cuts over the next decade, and needed the boehner plan or the -- neither the boehner plant nor the reid plan addresses that. . host: good morning. james is joining us from indiana. caller: the federal government takes in people every day due to new immigration, new retirees on social security, disability. their family grows. it grows larger, and their budget grows larger through no fault of their own. now, if the private family was mandated to increase their family by one person every week, they could not maintain their budget without increasing their income. so how can the federal government be expected to maintain a balanced budget when their family is growing three million to four million people every year? host:
i think that is what s&p, moody's, and fitch are expressing concern about. they are saying, "you probably are not going to default. you're talking about some austerity measures, but you are sort of looking at the wrong areas." also, the magnitude of the cuts are at least not what s&p said they were looking for. s&p said they wanted $4 trillion of cuts over the next decade, and needed the boehner plan or the -- neither the boehner plant nor the reid plan addresses that. ....
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have been clear since really the beginning of the year saying if a long-term deal is not agreed to, s&p says if this does not lead to $4 trillion in cuts, it will lead to a negative outlook on the credit rating or a downgrade. if we downgrade from aaa which is the highest grade you can get to aa, estimates show it could mean 1 million jobs lost in the american economy. >> jonathan, thanks. great piece in the post. >>> can the american dream be saved? tea partiers are fighting for their version, but there is a better way forward for all americans. >>> sad news about the u.s. ski champion jarrett peterson called 911 before shooting himself in a car monday night in a car. peterson suffered from depression and alcoholism. he was probably remembered for his signature jump called the hurricane involving twists and turns while 50 feet in the air. he won a silver medal in the 2010 vancouver olympics. >>> the georgia mother spared jail time in the death of her 4-year-old son. killed by a hit-and-run driver while they were jay walking. she was given the option of a new trial or 40 hours of commu
have been clear since really the beginning of the year saying if a long-term deal is not agreed to, s&p says if this does not lead to $4 trillion in cuts, it will lead to a negative outlook on the credit rating or a downgrade. if we downgrade from aaa which is the highest grade you can get to aa, estimates show it could mean 1 million jobs lost in the american economy. >> jonathan, thanks. great piece in the post. >>> can the american dream be saved? tea partiers are fighting...
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it's not likely to happen on the weekend but that could happen at any point from moody's or s & p. a downgrade they might give us now because we're not handling things properly is a downgrade from trfrom aaa perfect. if we don't make any more payments that's a much serious issue. that doesn't drop you one notch but several notches. then interest rates go up. credit cards, mortgage rates, auto loan rates. you mentioned august 3rd, that big social security payment? according to many republicans, unless we default on an actual debt we don't have to get our debt downgraded. according to s & p and ben bernanke, if you default on any payment you're supposed to make, even if it's not to a bond holder you could face that. >> republicans who say, look, i don't buy it's this big catastrophe waiting to hit after august 2nd. >> reporter: they absolutely could be right. but anderson, you and i were together on september 15, 2008 after they decided a lot of smart people decided to let lehman brothers fail thinking it's not that big of a deal. i don't know which way it's going to go. i don't know
it's not likely to happen on the weekend but that could happen at any point from moody's or s & p. a downgrade they might give us now because we're not handling things properly is a downgrade from trfrom aaa perfect. if we don't make any more payments that's a much serious issue. that doesn't drop you one notch but several notches. then interest rates go up. credit cards, mortgage rates, auto loan rates. you mentioned august 3rd, that big social security payment? according to many...
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guest: cut, cap, and balance is the only plan moody's and s&p have not been critical of and actually meets the criteria of what they say would put us on the right path. a lot of those were hypothetical, as you say. a lot of people do not know. we cannot allow a lot of this to force us into making bad decisions today because it will impact the next generation. that's my own concern. i have three children. my son was with me a few months ago and he was listening to the debate. "dad, can you all not just fix this debt problem because i do not want to owe." the kids are starting to carry this burden. host: credit rating agencies will be on capitol hill today. we will have live coverage on c- span3. jerry, democrat in kansas city, missouri. good morning. you are on the air with representative tom graves. caller: my question is why the republicans do not want to offer more revenue on the table. they always say there are 51% people who do not even pay taxes. the reason that 51 percent of us cannot pay taxes is because we cannot get jobs -- the reason that 51% of us cannot pay taxes is becau
guest: cut, cap, and balance is the only plan moody's and s&p have not been critical of and actually meets the criteria of what they say would put us on the right path. a lot of those were hypothetical, as you say. a lot of people do not know. we cannot allow a lot of this to force us into making bad decisions today because it will impact the next generation. that's my own concern. i have three children. my son was with me a few months ago and he was listening to the debate. "dad, can...
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they want to know what s ann p and moody -- they want to look at s & p and moody's. >> reporter: invest yrs say we think we'll be downgrade. we don't think we'll default on our debts. wore very worried about the economy and the trend in the economy. that's coming to the surface today. martha: what about in terms of the next few weeks? what is the outlook for corporate earnings? >> reporter: corporate profits are very strong. companies are making more than half their money overseas. that's where the growth is. that's where the profits are coming from. here in america we are sliding maybe towards recession. but corporate profits are still from overseas. martha: that's the bigger story. thank you so much. bill: some people think we never came out of the recession in the first place. we have got an important lineup of guests throughout the morning weighing in on the debt matter. first we heard about a possible plan b. is there a plan c? we'll ask republican senator jon kyl about that. neil cavuto is here. the democratic congressman who says the president will have to push for a clean debt c
they want to know what s ann p and moody -- they want to look at s & p and moody's. >> reporter: invest yrs say we think we'll be downgrade. we don't think we'll default on our debts. wore very worried about the economy and the trend in the economy. that's coming to the surface today. martha: what about in terms of the next few weeks? what is the outlook for corporate earnings? >> reporter: corporate profits are very strong. companies are making more than half their money...
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s rating. moody's also said something interesting, they were considering a downgrade if the debt debate didn't go forward if the debt ceiling weren't raised. now they are saying something different which is they may downgrade the rating any way if they've lost confidence that the u.s. can actually tackle its budget problems. what does this mean if we're downgraded from a aaa rate stph-g. >> it means we'll pay higher interest rates especially on our 30-year mortgages -- excuse me on our 30-year credit securities. fanny mae and freddie mac will pay a lot more for money as well. they are guaranteed by the u.s. government. mortgage rates will be higher. and that will mean the housing market won't recover any time soon, or sooner than whatever it will recover. so it's very dill louisian dill. i was amused just now by what nance pelosi said, that's the way meetings with presidents end. check the constitution, it's the house of representatives that decides how much the people spend through their gover
s rating. moody's also said something interesting, they were considering a downgrade if the debt debate didn't go forward if the debt ceiling weren't raised. now they are saying something different which is they may downgrade the rating any way if they've lost confidence that the u.s. can actually tackle its budget problems. what does this mean if we're downgraded from a aaa rate stph-g. >> it means we'll pay higher interest rates especially on our 30-year mortgages -- excuse me on our...
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>> you talked about movies but one of the things s&p and moody's has said is they want to see a long-term reduction in the trajectory of the debt to gdp ratio yet in this plan with the discretionary cuts that doesn't get to the entitlements in the long term driver. >> that's why it seems there has been acceptance all over in this capital. with my idea to have a joint committee. it's going to be in the proposal sent over to us. >> everyone should be aware the only way to reach those numbers is with revenue, and that is why every time we talk we talk about the need to do something with revenue. everyone knows that the president has said and we have said we will not touch entitlements under unless there is movement on revenue. what does that mean? taxes. people are shipping jobs overseas and these companies are getting massive subsidies and still making billions of dollars. it means millionaires and billionaires may not be able to get the same tax cuts they got during the bush administration. that is what we are talking about. moody's is right. we need long term. what we are talking about is
>> you talked about movies but one of the things s&p and moody's has said is they want to see a long-term reduction in the trajectory of the debt to gdp ratio yet in this plan with the discretionary cuts that doesn't get to the entitlements in the long term driver. >> that's why it seems there has been acceptance all over in this capital. with my idea to have a joint committee. it's going to be in the proposal sent over to us. >> everyone should be aware the only way to...
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jon so when moody's and s&pes talk about potentially down jading u.s. debt that, has pretty big ramifications in the financial world. >> that's right, jon. also it would be the bonds issued by 7000 municipalities, and you know, we're hearing from j.p. morgan chase and bank of america that if there is a downgrade, it would hurt u.s. economic growth, which is already flatlining around 2 percent to 3 percent, so some talk of now if there's a downgrade it could push us into a double-dip recession, so this is serious stuff and both s&p and moody's are saying, jon, they want to see substantial credible plans, s&p is telling fox business a 1-3 -- one in three chance of a downgrade by 2013 if they do not see a substantial, credible plan to reduce the decifit. jon: let's hope our elected representatives and administration in washington with come up with a plan that avoids this. thank you, liz bed mcdonald. >> delighted. heather: apparently brand new signs that sarah palin may not be out of the race for the white house in 2012. the former v.p. nominee telling our
jon so when moody's and s&pes talk about potentially down jading u.s. debt that, has pretty big ramifications in the financial world. >> that's right, jon. also it would be the bonds issued by 7000 municipalities, and you know, we're hearing from j.p. morgan chase and bank of america that if there is a downgrade, it would hurt u.s. economic growth, which is already flatlining around 2 percent to 3 percent, so some talk of now if there's a downgrade it could push us into a double-dip...
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obama started talking about the grand scheme we've seen both s&p and moody's come out with threats to a downgrade if that isn't forthcoming. do you think -- think our treasury secretary has prompted the rating agencies to do that? and if that doesn't happen and we get a clean -- some sort of clean debt limit increase and there is a downgrade, does that not reverberate back on mr. obama? >> guest: well, i'm not privy to any discussions that secretary geithner may or may not have on the rating agencies, on the substance, if they're doing their job they have to be looking at a fiscal picture that just doesn't add up and at some point it will be their obligation to say that quite clearly in the form of not just a negative watch or a negative outlook but they will actually have to downgrade the united states. we're not immune from the laws of arithmetic or economics. we're perilously close to the edge that looks like greece and other sovereign debt crises. they're doing their job when they say you've got to get your house in order. we shouldn't let that happen. the consequences are, in my
obama started talking about the grand scheme we've seen both s&p and moody's come out with threats to a downgrade if that isn't forthcoming. do you think -- think our treasury secretary has prompted the rating agencies to do that? and if that doesn't happen and we get a clean -- some sort of clean debt limit increase and there is a downgrade, does that not reverberate back on mr. obama? >> guest: well, i'm not privy to any discussions that secretary geithner may or may not have on the...
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and s&p have said that if you don't cut trillions off the debt in the next decade, that we could also face a downgrade. jon: can you walk up to senator reid and say, hey, how about bringing that ccb plan off the table? >> i've been saying we should bring it off the table. it's been the only plan that has been passed, a specific written proposal passed by the house of representatives. and let's face it, it makes sense. let's cut spending, let's cap it and also balance our budget. so i would say that to senator reid. i would also say to the president, where is your plan? if you do not like any of the plans that have been put forward, where's the leadership so we can address this fiscal crisis right now and preserve america? jon: senator ayotte from new hampshire, thank you. >> thank you, jon. jenna: not too far from d.c. you have a field of republicans with an eye on the white house remaining wide open in iowa. tim pawlenty, ron paul, michele bachmann, even governor chris christie who says he's not running are in the key caucus state today, and that's where we find steve brown. he's in
and s&p have said that if you don't cut trillions off the debt in the next decade, that we could also face a downgrade. jon: can you walk up to senator reid and say, hey, how about bringing that ccb plan off the table? >> i've been saying we should bring it off the table. it's been the only plan that has been passed, a specific written proposal passed by the house of representatives. and let's face it, it makes sense. let's cut spending, let's cap it and also balance our budget. so i...
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the rating agencies, the big three are s&p, standard & poor's, and moody's and touch, and then they give a debt that affects the borrow wur's ability to pay back the underlying loans. the safest debts are aaa rated. it's been that way for the u.s. debt since 1917 when moody's assigned that aaa rating to the u.s. 18 other countries as well have the aaa ratings. why do these credit rating agencies matter? well, investors around the world listen to them and listen carefully. they look at them to judge where they will get the best return on their investment. for governments the ratings agencies have power over the interest rates they can send in bonds to investors. if you are a government like the u.s. trying to raise money you want to pay the lowest amount of interest to borrow that money. so who pays the agencies? agencies are paid by the borrow wur, or from subscribers that received the ratings and want to know how their potential investments can fair, and standard & poor's tells cnn the sovereign u.s. debt rating is unsolicited it, and the u.s. does not pay for its rating. christine roma
the rating agencies, the big three are s&p, standard & poor's, and moody's and touch, and then they give a debt that affects the borrow wur's ability to pay back the underlying loans. the safest debts are aaa rated. it's been that way for the u.s. debt since 1917 when moody's assigned that aaa rating to the u.s. 18 other countries as well have the aaa ratings. why do these credit rating agencies matter? well, investors around the world listen to them and listen carefully. they look at...